Assessee firm must pay capital gains tax on asset transfer to retiring partner u/s 45(4), even if reconstituted. https://www.taxtmi.com/highlights?id=24602 Section-45(4) of the Act mandates the assessee firm to be liable for capital gain tax arising out of the transfer of its asset to the retiring partner even in the circumstance when the partnership is reconstituted on retirement of a partner. - AT en-us Tue, 08 Sep 2015 10:42:01 +0530 Tue, 08 Sep 2015 10:42:01 +0530 TaxTMI RSS Generator Assessee firm must pay capital gains tax on asset transfer to retiring partner u/s 45(4), even if reconstituted. https://www.taxtmi.com/highlights?id=24602 Section-45(4) of the Act mandates the assessee firm to be liable for capital gain tax arising out of the transfer of its asset to the retiring partner even in the circumstance when the partnership is reconstituted on retirement of a partner. - AT Highlights Income Tax Tue, 08 Sep 2015 10:42:01 +0530 https://www.taxtmi.com/highlights?id=24602